Business · 15 July 2026
Pound nears one-year high against euro, defying Middle East tensions
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Markets expect UK interest rates to stay higher for longer, helping keep sterling close to its strongest level against the euro in more than a year. The pound traded at 85.28 pence per euro and $1.3391 on Wednesday as investors watched Middle East tensions and next week's UK-EU summit. Traders are also waiting for Labour's expected leadership change and a new finance minister.
Reported by Reuters · How we write briefs